Doubling up — funding helps laser cutting company expand capacity
A loan from Finance Yorkshire has helped purchase state-of-the-art equipment that will allow a Sheffield laser cutting company to nearly double its capacity.
The Laser Cutting Company Ltd is the only tubular laser cutting company in the region, delivering tubular, sheet and flat metal parts on a daily basis to customers throughout the UK.
Established in 1981, it was one of the first companies in the country to cut materials with a laser - as opposed to saw or flame cut - and serves industries including aerospace, architectural, construction, automotive, medical and retail.
The Laser Cutting Company was bought out in 2008 and, with the support and commitment of a strong team, has staged a turnaround by continuing to invest in new machinery, upgrading infrastructure and expanding its works area.
Now, thanks in part to a £25,000 investment from Finance Yorkshire, the company has added to its world class technological capabilities with a new piece of equipment from manufacturer Trumpf.
The machine will be the only one of its kind in the UK and will help Laser Cutting Company cut tubes and sections, ensuring precision and accuracy during complex jobs.
Managing director Jon Day said: “Our machines are constantly being reviewed, updated and maintained to ensure that our customers get the fastest and most reliable service at the best price.
“We already have a large capacity but this new machine will almost double that. It will also enable us to expand our range of services further as a result.
“It is a state-of-the-art machine that will allow us to cut sections including beams and channels up to eight metres long and means we can take on complex jobs while ensuring precision and accuracy.”
The cutting machine was purchased thanks to a combination of asset finance provided by HSBC and the Finance Yorkshire loan.
Said Mr Day: “Finance and borrowing can be very hard to come by in this day and age and in the current economic situation, so all access to funding and support for businesses is very welcome.”
Finance Yorkshire chairman James Newman said: “This investment from Finance Yorkshire allows the Laser Cutting Company to further expand its services thereby enhancing its offering to its customer base. This is great news for them as a growing business as well as the company’s clients across the region and the UK.”
Lee Bloodworth, HSBC International Commercial Manager, said: “HSBC has been acknowledged by market commentators as a bank that is helping to support local business and this demonstrates how we are helping viable businesses with the facilities they need to grow their organisation.”
Ian Howson, Investment Manager at Finance Yorkshire said: “This investment is a great example of how we can fill the lending gap to help businesses meet their needs for growth.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire